Author Description

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1863 Excerpt:...below it they charge the stamp 1s. and for the policy 2s. Gd., and take no annual premiums under 3s. A favourite illustration of the opponents of the tax is the case of "a prudent and industrious "artizan desiring to insure for 100/. deterred from doing so by "the duty of 200 per cent;" but they do not advert to the intentional discouragement by the insurance societies by whom the supposed artizan would be charged 3s. 6d. at the outset for stamp and policy, which is remitted to his richer neighbour, and his premium, though his risk should be the lowest, such as is valued to his richer neighbour at 1s. 6d. per TOO/., is made permanently a minimum of 3s. a year. It seems to be assumed that the State cannot for the universal advantage justly double the cost of insurance by a duty, but that Insurance Companies may do so, and charge arbitrary amounts for their policies, and settle the charge of the stamp duty so as to make it a discriminating duty only against the poor with no detraction from the beneficent purposes attributed to them and denied of the law. But if this charge of 2s. 6d. for the policy, this discriminating charge of the 1s. stamp, and this permanent charge of 3s. yearly premium at the lowest risks is a heavy disadvantage to the artizan desiring to insure for 100/., it may be truly said that these fixed minimum charges of the insurance companies are absolute prohibitions of insurance to at least nineteen twentieths of all owners of destructible property. More than nineteen twentieths of our population owning any property undoubtedly possess of destructible property much less than 100/. worth, and its value assuredly approximates much more nearly to the 15/. worth insured by the benefit societies before referred to. Let the case...